If you have seen one the movies MGM has produced, you have probably seen 100, but the movie giant is now filing for bankruptcy. MGM owns the Stargate franchise, which is waiting for MGM to pay it for recent film productions. Unfortunately for Stargate, MGM is in debt to the tune of $4 billion, which has caused the movie studio to halt production on new films and apparently has halted its ability to pay its bills as well. MGM has been able to get its creditors to extend its loan payments, while it tries to find another company to buy it out. While MGM did receive some bids for the purchase, the offers did not come in at the rate the studio was expecting, and so far no negotiations or contracts are under way. In the end, it leaves only one option for MGM, which is bankruptcy.